24-degree refined palm oil: India's PEC buys 10,000 tonnes
India's PEC buys 10,000 tonnes of 24-degree refined palm oil
According to Indian government officials, India's state-owned PEC has bought 10,000 tonnes of 24-degree refined palm oil, which will arrive this month at the southern ports of Chennai and Tuticorin. The price is 706 USD per tonne.
The imported vegetable oil is for public distribution programs, and PEC had previously procured vegetable oil shipments for the Tamil Nadu state government.
India's Trade Minister said on November 11 that India may continue its policy of duty-free crude edible oil imports to ensure adequate domestic supply.
Currently, India only imposes a 7.5% import tariff on refined edible oil.
Industry bodies such as the Central Organisation for Oil Industry and Trade in India have consistently urged the government to raise import tariffs to protect the interests of domestic producers and farmers.
The imported vegetable oil is for public distribution programs, and PEC had previously procured vegetable oil shipments for the Tamil Nadu state government.
India's Trade Minister said on November 11 that India may continue its policy of duty-free crude edible oil imports to ensure adequate domestic supply.
Currently, India only imposes a 7.5% import tariff on refined edible oil.
Industry bodies such as the Central Organisation for Oil Industry and Trade in India have consistently urged the government to raise import tariffs to protect the interests of domestic producers and farmers.